I heard ConocoPhillips is in pretty bad shape globally with big layoffs in Houston too. Is it true?
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Hey 3kqy. Oxy hasn't laid anyone off....yet
http://stockmarketnewsworld.com/occidentals-new-ceo-on-its-no-layoff-pledge/
Need to cut more. Lots of not winners. Too many whiners. Very very bad.
@3kqy: Well there are companies that are increasing hydrocarbon reserves during this period. Several companies like ExxonMobil and Saudi Aramco only laid off poor performers. You might say those are quite big and may have financial muscle, what about CNRL in Canada - they always had a lean structure and run a quite efficient operation. Yes they took some salary cut of about 10 - 15 %, but there were no layoffs. There are a lots of companies worldwide that had minimal layoff or none during this period and few are even expanding operations and recruiting. COP made some poor management decisions. It is also supposed to be a technical company but more preference is given to the Managers and supporting disciplines than the core engineering and geosciences. Hence the reason for its very costly projects and uncompetitiveness when compared to similar companies.
For those of you who are unhappy with management and blame them for the mess - what company has done it better during this downturn? I am personally not aware of any other companies that have made it through without cutbacks - but I am open to hearing some examples where you think things are running better.
The dividend has sunk this stock. Many large investors that buy have been retreating because of the dividend. The reason that the ELT is doing what they are doing is they are not making money, but the stock is in the tank.
The Market does not have a good feeling with this stock.
So when huge investors do not pump money into the stock the company has to take on other measures.
SELL ASSETTS!!!
Champ and his cronies need to personally experience a layoff. Give them their severance and be done with them. We need a change in the worst way. They are responsible for the mess we find ourselfs in and thousands of destroyed careers. And what a great place to start if we really were serious about reducing G&A. For all the talk and in your face banners on "Accountability" and "Performance" around the company, this bunch somehow gets a free pass?? Makes one wonder if they have the best interest of the company anymore, or maybe never did. It looks personal and all about positioning for the largest possible payoff that's coming for them.
Yes but not as bad as Bartlesville.
Company has no viable plan to improve performance other than hope and wish that oil prices increase (and soon). Management has loss the confidence of shareholders, analysts and employees and is unwilling to step down. Perhaps shareholders will become more active and push for removal of executive management and BOD or possibly sale or merger of the company.
Finance is currently offering another EOI. Ironic given what our CFO has done to volunteers for severance.
We will have a layoff each year until someone bought COP....I hope soon